Barclays Issues Pessimistic Forecast for AllianceBernstein (NYSE:AB) Stock Price

Key Points

• Barclays has lowered its target price for AllianceBernstein from $42.00 to $40.00, while maintaining an "equal weight" rating, indicating a modest potential upside of 0.98% from the current stock price.
• Several analysts, including Evercore ISI and Goldman Sachs, have also cut their price targets and ratings for AllianceBernstein, contributing to a consensus average target price of $40.33.
• AllianceBernstein reported disappointing earnings, with earnings per share of $0.76, falling short of expectations, and revenue also below forecasts at $844.43 million.

AllianceBernstein (NYSE:AB - Get Free Report) had its target price reduced by equities research analysts at Barclays from $42.00 to $40.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "equal weight" rating on the asset manager's stock. Barclays's target price points to a potential upside of 0.98% from the company's current price.

Several other equities analysts have also issued reports on AB. Evercore ISI cut their price target on AllianceBernstein from $46.00 to $44.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of AllianceBernstein in a research note on Wednesday, October 8th. Bank of America increased their price objective on shares of AllianceBernstein from $41.00 to $42.00 and gave the company a "neutral" rating in a report on Thursday, October 2nd. The Goldman Sachs Group lowered shares of AllianceBernstein from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $42.25 to $40.00 in a report on Friday, June 27th. Finally, Zacks Research downgraded AllianceBernstein from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 8th. One research analyst has rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $40.33.

AllianceBernstein Stock Up 1.0%

Shares of NYSE:AB opened at $39.61 on Tuesday. The firm has a market cap of $4.38 billion, a P/E ratio of 11.75, a P/E/G ratio of 1.28 and a beta of 0.82. AllianceBernstein has a 12 month low of $32.28 and a 12 month high of $43.30. The company's 50-day moving average price is $38.99 and its two-hundred day moving average price is $39.51.

AllianceBernstein (NYSE:AB - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The asset manager reported $0.76 earnings per share for the quarter, missing analysts' consensus estimates of $0.77 by ($0.01). AllianceBernstein had a net margin of 8.35% and a return on equity of 18.63%. The company had revenue of $844.43 million during the quarter, compared to analyst estimates of $853.64 million. During the same period in the prior year, the business earned $0.71 EPS. The business's revenue for the quarter was up 5.9% on a year-over-year basis. As a group, equities analysts predict that AllianceBernstein will post 3.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AllianceBernstein

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC bought a new stake in AllianceBernstein in the 2nd quarter valued at $193,757,000. 683 Capital Management LLC acquired a new position in shares of AllianceBernstein during the first quarter worth about $20,144,000. CHURCHILL MANAGEMENT Corp bought a new position in shares of AllianceBernstein during the first quarter worth about $12,309,000. Goldman Sachs Group Inc. raised its position in AllianceBernstein by 51.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 916,574 shares of the asset manager's stock valued at $35,114,000 after buying an additional 312,878 shares during the last quarter. Finally, Ursa Fund Management LLC bought a new stake in AllianceBernstein in the 1st quarter valued at approximately $7,662,000. 19.25% of the stock is currently owned by institutional investors and hedge funds.

AllianceBernstein Company Profile

AllianceBernstein Holding L.P. is a publicly owned investment manager. The firm is a related adviser The firm manages separate client focused portfolios for its clients. The firm primarily invests in common and preferred stocks, warrants and convertible securities, government and corporate fxed-income securities, commodities, currencies, real estate-related assets and infation-protected securities.

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